GBP/AUD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in an ascending channel pattern against the Australian Dollar, as the currency exchange rate has confirmed the pattern's lower trend line at 1.7489, and it is moving northwards to the pattern's resistance line, which at the moment is located at 1.7709. However, the pair is struggling against resistance put up by a resistance cluster made up of the weekly PP at 1.7576 and 55, 100 and 200-hour SMAs respectively at 1.7546, 1.7531 and 1.7560. Although, past this cluster there are no other resistances until the upper trend line. Aggregate technical indicators forecast, that the exchange rate will go up in the next hour and bounce off afterwards. In addition, the pair is close to being overbought, as 63% of open SWFX positions are long.
© Dukascopy Bank SA
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